The Role Of IoT and Big Data In Payroll Process For Businesses | 7wData

• Read original article here

“Hey, Siri! How many steps did I walk today?” “Hello, your average step count for the day is 20,000”. Internet of things, popularly termed IoT, has become such an integral part of our lives these days. People and machines these days are secretly linked to one another. We have gotten used to counting on it so much; we never fail to use it at least once every day. Statistics state that 127 devices get connected to the Internet every second. Let’s take smartwatch bands, for instance. While some wear it only to look cool, these watches are specially curated to meet health-conscious people’s needs. They allow us to track our blood pressure, heart rate, daily step-count, and calorie count. No matter how much they curse the internet, the idea of living without it has become nearly impossible in this tech-savvy world.

Businesses have realized the awareness of Big Data and how it will help them nurture their business activities. Organizations use real-time data to predict profits, analyze their commodities and the necessary changes to be made, and improve decision-making. Research confirms that nearly 90% of the overall data stored is generated in the last two years. What was before just a field of IT is now an essential part of every business enterprise.

Let us now understand the meaning of Big Data and IoT.

Big Data can be referred to as the growing number of data, or information, that is being stored on the web, viz, internet. It can store and process such huge chunks of data that it is impossible for manual data processors, i.e., humans, to process it. Companies make use of this feature to store their employee information and other data related to their finances. Organizations use it as a part of their cloud-based payroll solution to make money-related decisions. An example of big data is social networking sites collecting information from comments, pictures, and videos.

IoT can be defined as all the gadgets around us that are linked with the internet. It is responsible for gathering data and making it available. It works by the sensors that can be added to tools like smartwatches, which will provide fresh and new data without the help of physical labor. IoT is making us digital and smart by mixing technology and humans. Example of this includes refrigerators or air-conditioners connected to our mobile devices through the help of applications.

Big data lends a hand to businesses in several ways. Some of them are-

Remember how in the old days when manual HR used to struggle to find candidates with the right talent and retain them? Well, now that big data has come to their rescue, it has become a no-brainer for them. Not only will it find, filter, and interview candidates based on the Organization’s requirements, but it will also help them hold on to worthy employees. Organizations can collect data from employees regarding their needs, and they can work towards achieving them in order to retain those employees.

Big data also helps companies with finding new talent. Its robust features help organizations become stronger by collecting honest employee reviews, past revenue histories, sales, and profits, and share this information with new hires. This strategy will attract new candidates to the Organization and guide the managers in finding them.

Business organizations that are active generate bytes and bytes of information every day. Therefore, it is essential that the sources, i.e., the automated devices they rely on, are safe and ensure regular data storage and management. One of the big data tools includes providing companies a secure space to save and access the information stored. This includes confidential data like payroll information and employee data like attendance regularization, leave and overtime, taxes, and other related terms.

This is a blessing to the management and the employees since it ensures smooth data flow.